U.S. oil industry

Mexican oil reform

What the Mexican oil reform really means —for both Mexico and the industry

WASHINGTON | By Pablo Pardo | In 2012, 70 companies drilled 134 deepwater wells in the US side of the Gulf of Mexico. On the Mexican side, only one company drilled 6 wells: Pemex. The disparity is one of the reasons explaining why Mexico’s oil production has fallen from 3.5 million bpd in 2005 to 2.5 now. According to the US Geological Survey, the Mexican part of the Gulf of Mexico is, after the Arctic, the largest unexplored oil region in the world.